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RE: Gov't Regulations vs Crypto Freedom

in #cryptocurrency7 years ago

I've put in a suggestion in this thread about Land value tax (Check out my comment in the link below). It's a progressive wealth tax and works just fine in cooperation with the crypto world. It leaves crypto alone since crypto uses very little resources, but taxes physical land use which is the ultimate limited resource.

The wealthy elite also happen to own the most land.

It also works great for automation. Automation itself is good for society (less labor for humanity), but the profits used to hoard valuable land by the automation owners will be taxed. Profits that are reinvested into productive assets are not taxed.

https://steemit.com/cryptocurrency/@heiditravels/gov-t-regulations-vs-crypto-freedom#@neoncow/re-johnsmith-re-heiditravels-gov-t-regulations-vs-crypto-freedom-20170704t235020176z

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The problem with land tax is that it doesn't address the main factor of wealth inequality as it still allows those making the most from the doing the least to pay the least taxes (as a % of income). It's inadequate by itself.

Wealth is generated through productivity whether human or technological. So, taxing that productivity fairly, taxes the wealth fairly. If a business can make $1000 from spending $1 they should be taxed at a higher rate than a business making $10 from every $1 spent regardless of how much profit they make.

A proper productivity tax would also prevent over-production and waste.